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CarLotz plans to open 10 more locations

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CarLotz has announced a fast-paced expansion plan propelled by $7 million in investments in three years. (PHOTO: Michael Thompson)

RICHMOND, Va. —  A local used car consignment startup is once again punching the accelerator.

CarLotz closed a $5 million capital raise last week, the largest in the firm’s three-year history.

Co-founder Michael Bor said the company will use the money to add 10 more CarLotz locations in the next two years. It currently has lots on the Southside, in the West End and in Chesapeake.

“We’re actively looking for space in Northern Virginia, Maryland, Hampton Roads, down in the Carolinas in Raleigh and Charlotte and even down into Georgia in Atlanta,” said Bor, a former Richmond investment banker. “We feel like we’re in a position now where we can take this model we’ve built and try to replicate it along the East Coast.”

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